Baidu Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	70,697	78,563	81,203	74,711	80,695	72,840
Other Revenue	59,766	54,562	53,395	48,964	43,798	34,234
Revenue	130,463	133,125	134,598	123,675	124,493	107,074
Revenue Growth (YoY)	-2.60%	-1.09%	8.83%	-0.66%	16.27%	-0.32%
Cost of Revenue	72,078	66,007	64,778	63,867	64,153	54,808
Gross Profit	58,385	67,118	69,820	59,808	60,340	52,266
Selling, General & Admin	25,132	23,620	23,519	20,514	24,723	18,063
Research & Development	20,357	22,133	24,192	23,315	24,938	19,513
Operating Expenses	45,489	45,753	47,711	43,829	49,661	37,576
Operating Income	12,896	21,365	22,109	15,979	10,679	14,690
Interest Expense	-2,776	-2,824	-3,248	-2,913	-3,421	-3,103
Interest & Investment Income	8,552	7,962	8,009	6,245	5,551	5,358
Earnings From Equity Investments	1,604	-691	-3,799	-1,910	-932	-2,248
Currency Exchange Gain (Loss)	490	1,076	595	-1,484	100	-660
Other Non Operating Income (Expenses)	9,405	2,121	2,538	-3,281	121	280
EBT Excluding Unusual Items	30,171	29,009	26,204	12,636	12,098	14,317
Gain (Loss) on Sale of Investments	-1,929	-292	-753	-2,456	-1,159	9,123
Gain (Loss) on Sale of Assets	-1,390	-	-	-	-	-
Asset Writedown	-16,285	-95	-253	-68	-161	-350
Pretax Income	10,567	28,622	25,198	10,112	10,778	23,090
Income Tax Expense	1,849	4,447	3,649	2,578	3,187	4,064
Earnings From Continuing Operations	8,718	24,175	21,549	7,534	7,591	19,026
Minority Interest in Earnings	281	-415	-1,234	25	2,635	3,446
Net Income	8,999	23,760	20,315	7,559	10,226	22,472
Preferred Dividends & Other Adjustments	588	588	717	591	350	88
Net Income to Common	8,411	23,172	19,598	6,968	9,876	22,384
Net Income Growth	-57.49%	16.96%	168.75%	-26.08%	-54.49%	992.46%
Shares Outstanding (Basic)	342	349	351	348	345	342
Shares Outstanding (Diluted)	343	350	355	351	352	345
Shares Change (YoY)	-2.23%	-1.38%	1.00%	-0.18%	2.10%	-1.25%
EPS (Basic)	24.56	66.44	55.85	20.04	28.65	65.55
EPS (Diluted)	23.12	65.95	55.14	19.84	28.08	64.96
EPS Growth	-60.27%	19.61%	177.92%	-29.34%	-56.77%	1061.01%
Free Cash Flow	-15,700	13,100	25,425	17,884	9,226	19,116
Free Cash Flow Per Share	-45.72	37.45	71.69	50.93	26.23	55.49
Gross Margin	44.75%	50.42%	51.87%	48.36%	48.47%	48.81%
Operating Margin	9.88%	16.05%	16.43%	12.92%	8.58%	13.72%
Profit Margin	6.45%	17.41%	14.56%	5.63%	7.93%	20.91%
Free Cash Flow Margin	-12.03%	9.84%	18.89%	14.46%	7.41%	17.85%
EBITDA	28,822	35,993	37,017	30,704	27,117	32,870
EBITDA Margin	22.09%	27.04%	27.50%	24.83%	21.78%	30.70%
D&A For EBITDA	15,926	14,628	14,908	14,725	16,438	18,180
EBIT	12,896	21,365	22,109	15,979	10,679	14,690
EBIT Margin	9.88%	16.05%	16.43%	12.92%	8.58%	13.72%
Effective Tax Rate	17.50%	15.54%	14.48%	25.49%	29.57%	17.60%
Revenue as Reported	130,463	133,125	134,598	123,675	124,493	107,074

Source: S&P Global Market Intelligence. Standard template. Financial Sources.